No need to declare Paypal accounts on your tax return!

[james]

It is essential that you declare any accounts and investments held outside of France

If you continue to maintain any form of investment outside of France, whether this is a bank or building society account, an ISA, offshore bond, share portfolio, etc, you must declare these to the French tax authorities. [image] The potential penalty for not declaring foreign bank accounts (or any other forms of foreign investment), has recently increased to 1,500 euros per account (or between 1.5% - 3% of the balance, if greater, with a maximum increase of 35% tax if the investment is considered as having been deliberately hidden from the authorities or if it was opened since you became French tax resident). Of even more concern, one of my clients has received a circular from his accountant that people risk having these penalties applied retrospectively for up to three years (i.e. 3 years at €1,500 per account per annum!). The accountant also warned that the tax authorities have put resources in place to check a minimum of 35,000 accounts when the details start arriving. The Frenc…